Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1887-05-13

Jhe war tariff, advocates SllVer, anu oppo.
ses ''sumptuary laws.''
THE DEBT COhM|S5..
THE COMMISSION STILL IN SEES
SION YESTERDA Y AFTER
THREE DISAGREE
MENTS.
A CONNECTED NARRATIVE OF THE NE
GoTIATIoNs-wM. L. ROYALL TAKES A
HAND FOR THE s"ATE-GEN. MAHoNE's
ALLEGED PLAN.
&C., &C., &C.
The week at Richmond, on the debt
question, has been one of varying fortunes
and fuctuating hopes. Last Thursday
morning the effort at settlement was an
nounced to be pretty much of failure,
and the news was telegraphed from Rich
mond that the negotiations had broken up.
AS matter of fact the. two parties to it
had only gotten as far as the stating of
their respe ctive positions. The Virgin
ians offered $22,000,000 principal, and
$500 900 annual interest, while the English
asked for $34 1898. 600 principal and ST.
600 annual interest. With such wide
difference between the two, the Virginians
thought it proper to make
THEIR FIRST REPORT OF THE NEGOTIA-
TIONs TO THE LEGISLATURES.
1t was made on Thursday, and in it Shey
said that they had ascertained that the
Council of Foreign Bondholde1s virtually
influence majority of the consol and TO-
40 bonds OF Virginia. OF the proposition
of the bondholders the report did not give
the figures, but said:
Finally proposition, or rather a sug-
gestion Of basis of settlement, was pre-
sented by the commission which required
a sum Of money to be provided to meet tie
interest that would exceed SO far the reve
nue. of the State available for the payment
of interest On the debt that, whilst the
members of your committee differed to
some extent as to the amount of revenue
applicable to the payment of interest on
the debt, your committee felt compelled to
say to them most formally that upon that
basis it would be improper for this nego-
tiation to proceed. further. Until this diff
Guilty was removed any further considera-
ton of the remaining features of the pro-
nnaitin,n Gnnnootcd uuao a,~>.-ar-assoJy ,..oy
| might have time afforded them to Gu mu-
nicate by cable with their incipals-theY
having no authority to 60 beyond the basis
5hey suggested without further cOnSulta-
| tiOn with their principals.
Your committee, DESTROYS of leaving no
reasonable effort to bring about fair set
| Element of this harassine question I'M
essayed, deemed it proper to accede to the
| request of the commission in that particu.
lar, and adjourned to further session on
Saturday, or sooner, should the commits
sion be prepared for further action.
THE SITUATION SATURDAY.
On Saturday, by which time the English
Commission had heard from London. the
situation took another change. They
fixed their principal at $26, 6S7 900. This
amount they reached by deducting from
the $34, 39S, 900 principal, the Riddleberger
bonds in the Sinking Fund held by the
State. the bonds held by the Literary Fund,
and further reductions amounting in all to
81 $40 900. The interest they wanted with
this proposition was 100000. But with this
proposition they demanded 81, 002 900 from
the State in cash on arrearages of interest;
the exemption of the bonds from all taxa
ton State, county and municipal; no bonds
to be funded by the State after two years
except with the consent of the Council of
Foreign Bondholders, and all expenses in
CURED in the present negotiations for set
thing the debt, to be paid by Virginia. The
rate OF interest to be 8 per cent. for years
and per cent. for Is years and coupons
tax receivable
The Virginia Commissioners in reply to
this offered $25, 100000 principal, in per
cent. 1O-50s and the question of security
to be left open for future negotiations.
THE SITUATION MONDAY.
On Monday there seems to have been
noticeable change in the manper of the
English Commissioners-that is noticeable
to those who were negotiating With them.
They declined to make any modification
which would bring the debt within $685.
100000. They modified their interest pro-
position so as to make it $4,000 annually
and, deciding not to change any of the 9TH
or features of their Saturdays proposition,
said that was their ultimatum. The Vir-
ginia Commissioners thereupon adopted
and communicated to the English Com
missioners the following:
Whereas, the commission on the part of |
the foreign bondholders have stated to J
this committee that they, in substance, |
adhere to the proposition this day presen- |
than hau Tod hn
sltlon made by the joint committee, and |
declare the former as their attinaatuns:
therefore be it
RESOLVED, That it be communicated to |
the commission of the Council of Foreign !
Equdholders that, In the opinion Of the
joint committee, further negotiations will |
not tend to final agreement, and that we /,
reel Constrained so to report to the Gen
oral Assembly.
GEN. MALONE AND THE DEBT
On Moniay the opinion was strong in
Richmond that Gen. Malone was in some
sort OF communication with the English
Debt Commissioners. 1t was strengthen
% by report, art rwar is denied by him.
'eif, that Mr.. j. +. Cooper, the agent of
he bondholders ha& said they would now
ook to Malone. Imam interview with a
Exporter of the Richmond ..Wh1g," Sir
Edward Thornton was reported as having
asked the very significant question, that.
hould General Malone be elected TO the
United States Senate in place of Riddle.
'erger, would he not be likely to make a !
proposition for the settlement of the denty !
This assumed connection of Gen. Ma.
zone with the debt question was STRENGTH. ,
ned Though possibly it was originated, {
y the fact that the Washington IN alton. I